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Do you know this about cryptocurrency? 

There are many who are afraid of using bitcoin as a fear of losing out money or money from it.

physical bitcoin on table
Image: Unsplash

You think you know everything about cryptocurrency but the reality is you missed onto the minute details of it. There are many new bitcoin trading bots and they promise a lot of things which often they fail to fulfill. So here I have brought you all the flaws and faults of the bitcoin which you should remember while you buy any cryptocurrency. Also, you can visit any trusted bitcoin trading bot site.

On the one hand, you need to remember that you can freely buy some bitcoin and easily trade them. But at the same time, you need to remember that you will have to be careful while you invest in bitcoins because it is also a risk like any other asset. Hence here I have discussed the plus points and the negative points of the bitcoins. 

Plus, Points of Bitcoins 

There are many who are afraid of using bitcoin as a fear of losing out money or money from it. Hence you should know the advantages of using bitcoins, it has some normal risks like any other asset would have. 

Bitcoin is a Decentralised

It is quite hard to believe but it is as easy as it sounds, cryptocurrencies are decentralized. No other currency on earth is decentralized. So, it is a great thing because no one else will have any control over any of your money or anything. Your money is your money and no one else will be able to trace or track what you do with your money because it is solely your decision. 

You are not answerable to any government or any such authority who will ask you about your money. There is also another plus point that you can send money or receive money from anyone at any time of the day. All cryptocurrency is managed through the interconnected network, which will help you to control the bitcoins 

Cost of Circulation 

Well if you look into minting you will find that printing currency or minting coin is very expensive whereas bitcoin, being a digital coin is less costly. So, this is a major skip of coins in the circulation, or process of making it is actually for free as there is no cost involved in it. It is a digital currency hence it has not tangibility or existence in any form. 

Bitcoins Can’t be Controlled

Since there is no other governing or administrative body that would control the production of the bitcoin or the circulation of the bitcoin in the market. It is just based purely on the basis of the use of the bitcoin as it is circulated. Only when one bitcoin gets into the blockchain then the new one is produced. Hence the minting of bitcoin is not dependent on anyone. 

Negative Points of Bitcoins

Well like we all know there is something good about something and something bad about something, so we need to have a look at both so that we know about both sides of the coin. 

Bitcoins are not backed

We all know that all the traditional currencies are backed by someone or the other but to our astonishment the bitcoins are not backed by anyone. So even if there is a depression in the bitcoin industry, nothing would be able to back them. One has to know all about how bitcoin walks and plays all alone in the economy. 

There is no system

There is no such system that the bitcoin has adopted to follow or something. The bitcoin happens randomly, there is no rule and no guideline which is followed to maintain the system, hence like other financial institutes bitcoin has no institute to be helped by. 

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Chris has been blogging since the early days of the internet. He primarily focuses on topics related to tech, business, marketing, and pretty much anything else that revolves around tech. When he's not writing, you can find him noodling around on a guitar or cooking up a mean storm for friends and family.

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